UPDATE 1-Michaels 2nd-qtr same-store sales rise 2.9 pct

Aug 23 (Reuters) - Michaels Stores Inc, North
America's largest arts and crafts retailer, reported same-store
sales rose 2.9 percent in the second quarter, helped by more
transactions and a big sales jump in its framing services.

The retailer, majority-owned by private equity firms
Blackstone Group LP and Bain Capital LP, on Thursday
reported a 30 percent jump in net income to $13 million for the
quarter ended July 28 on sales of $892 million. Overall sales
were up 4.1 percent.

Michaels, which operates 1,079 namesake stores in North
America, filed in March to list shares publicly.

Its CEO resigned last month because of a stroke. The company
gave no update on the search for a new chief.